Global Automotive Fuel Tanks Market Set to Surge Significantly During 2015 to 2021

North America is the largest market for automotive fuel tanks, followed by Europe and Asia Pacific.

New York, NY — (SBWIRE) — 03/31/2017 — Fuel tank is a storage tank for fuel and a safe container for flammable fluids. In the past, steel fuel tank has been the mainstay for automotive fuel tanks, whereas in the recent scenario, plastic fuel tanks are mostly used by automobile industry. The main factors behind the drop in the steel fuel tanks are permeability, weight, packaging, safety, and cost associated with it. Around 95% of fuel tanks in Europe, 85% in U.S. and 40% in Asia are made of plastic. Some of the major factors contributing to the increasing use of plastic fuel tanks are its resistance to corrosion, light weight and ease of molding into unusual shapes.

Plastic high-density polyethylene (HDPE) fuel tanks are made by blow molding and metal (steel or aluminum) fuel tanks are welded from stamped sheets. Blow molding technology is increasingly used as it shows its capacity to obtain very low emissions of fuel. Plastic high-density polyethylene can be converted into complex shapes, allowing the tank to be mounted directly over the rear axle, saving space and improving crash safety. On the other hand, the technology used in metal fuel tank is very good in limiting fuel emissions. In the event of crash or an accident plastic fuel tanks are safer than steel fuel tanks. Unlike metal fuel tanks, many can bend and flatten, rather than tearing, rupturing and spilling gasoline, thereby safely eliminating fuel leakage as a cause of a fire or explosion. Due to the plastic fuel tanks car designers can optimize the space that is available for the fuel tank since they can be produced using very unusual shapes. Plastic can be molded around specific parts. In addition, plastic fuel tanks are corrosion resistant, whereas steel tanks require stainless steel to provide a similar level of corrosion resistance, which also means a greater cost.

On the basis of type automotive fuel tanks market is divided in two broad categories: plastic fuel tank and steel fuel tank. Based on the technology automotive fuel tanks market is divided in three broad segments: Multilayer technology, barrier technology and others.

North America is the largest market for automotive fuel tanks, followed by Europe and Asia Pacific. APAC region is expected to be the fastest growing market in terms of sheer volume. China and India hold the key for future market trends in automotive fuel tanks market owing to large population, increase in living standards due to higher disposable income and high growth rate of automotive industry in these regions. Germany, France and Italy are hub for some of the major automobile manufacturers in Europe where as the U.S. is the largest market in North America.

Some of the major drivers contributing the overall market growth of automotive fuel tanks include high growth rate of automotive industry, government regulation and increase in environment friendly fuel tanks.